Looking Past the Trends: Why Value Lies in the Convergence of...
The Nuances of Marketing
How Tech is Changing Just About Everything in Marketing
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Data Helps Companies Keep Pace with Consumer Expectations
Scott Horn, CMO, 7.ai
Will Cohen, Founder and CEO, Top, Inc.
Training as Agile as Technology: A Business Requirement
Milind Gurjar, Senior Director & General Manager, Cisco
Marketing Disruption: Role of the CIO
Shirish Lal, COO and CTO, Harte Hanks
Efficiency Control for Achieving Better Marketing Objectives
After setting marketing strategies, every management’s prime focus should fall on steps to ensure that they are carried out. Some companies hire a marketing controller for the task of effective control in marketing areas such as advertising, sales force, sales promotion, and distribution. The marketing controller is also provided with the power to compel consumer insights and analyze various elements of marketing including optimizing marketing resources and delivering useful innovations to the market.
Of all the other regions of marketing, advertisement efficiency is the most vital. It would only be right to focus more on the advertising statistics after spending a huge part of the profit on digital and non-digital advertisements. Statistics such as costs per inquiry, number of inquiries stimulated by ads, consumer opinion on ad content, product review before and after ad, and percentage of the audience who noted the ads, helps companies assume their marketing standards. Moreover, sales managers should have an eye on including average revenue per sales call, the number of sales calls done by an individual per day, the record of pre-existing and new customers, and percentage of orders per hundred customers. Analyzing sales force can help SME’s to find areas of improvement and lead to better productivity. As important as the sales force is sales promotion, management should watch closely the number of inquiries for demonstration, percent of cash refund offers redeemed and cost per sales lead generated from a trade show. Analyzing different sales promotions and recommending a cost-effective one can be done by the sales promotion manager.
Additionally, the time taken to execute orders, the number of billing errors, the percentage of orders filled correctly and on-time deliveries and cost of logistics as a percentage of sales should be considered when a product has opted for distribution. This is how efficiency controls improve the efficiency of every marketing department improving the marketing standards and reducing overall expenditure.